You should certainly consider these things during the Estate Planning process.
For example, one of my clients wants to pass down business ownership to his children, but not his children’s spouses.
The key here is to understand what you are trying to avoid. This is what the design process is for, to help you think through the ideal future and different scenarios that may come up.
Yes, an Estate Plan is a good way to create this type of scenario.
Here are some common examples:
This is something that comes up during our design process so you can think through what types of requirements or criteria should be added before giving out certain portions of the inheritance.
Ultimately, it’s a personal choice that depends on what your morals are and whether you will regret doing so.
If you do not want someone to be able to inherit from you, it is well within your rights to disinherit them. And if you and this person get along again, you can simply update your documents to reflect that change. It’s that easy.
Think about it: if you have two children and you make one child responsible for giving out the financial benefits of your Estate Plan, are siblings going to continue getting along?
It might be fine in some cases, or it might not. It depends on the people involved. But it’s important to know that this can absolutely impact your family dynamics and it’s important to think through that impact ahead of time so you can prevent unnecessary drama.
This is one of the key benefits of having an Estate Plan and it’s something we handle up front during the design process.
Why not? You would be surprised how many people DON’T know they have inherited something.
Did you know:
Your beneficiaries definitely need to know there's something out there for them, even if you don’t tell them exactly what it is. This way you can avoid the all too frequent confusion that goes hand-in-hand with poorly executed Estate Plans.
For example, I have a client who inherited land and didn’t know about it for 15 years. Now he has to go through an intensive research process to figure out what he needs to do, whether he owes back taxes, etc…
This is one of the reasons we help our clients inform their families and even provide free education to avoid this exact type of scenario!
Many of the people I work with had to fight for everything they got. They were first generation successes and want to break this cycle of generational neglect.
An Estate Plan is the perfect way to protect your children and make sure they have opportunities that you didn’t get. It allows you to pass down your inheritance in a structured way that ensures your family is protected and provided for without enabling bad behavior or creating unnecessary drama.